“The market in the fourth quarter finished what was a mildly disappointing year strong,’’ said Joe Rand, managing partner of Better Homes and Garden Rand Realty. “We expected it would take off. Instead it got a little overheated and got a little ahead of itself. It’s like we flooded the engine.”

The median sale price for a White Plains home is $618,000, and for the region it is $527,000. That is the highest figure since 2010, when the median sale price for the region was $495,000.

Lack of inventory has stalled housing momentum in many Westchester communities. The percent change in listings for homes under $700,000 in Westchester County declined by more than 15 percent in 2014.

“The inventory of single-family homes was the lowest level in four years, yet the median selling price for single-family homes increased to its highest level in the last four years,’’ said Wayne LaFranco, senior vice president of Coldwell Banker Residential Brokerage. “This is an indication that the market is trending toward being more favorable for home sellers.”

With low interest rates, and many millennials deciding that now is finally the time to stop renting and purchase real estate, 2015 could be a big year.

“Even with sales slightly below last year, prices were still up significantly,’’ Rand said. “Demand is still there and it’s going to be pushed up. I think we’ll see meaningful price appreciation in 2015.”

The Houlihan Lawrence fourth quarter report is attached as a PDF. Other fourth quarter reports are available online: